Monday, November 28, 2005

More neighbors

What is the biggest threat to home values in Elizabeth? Could it be this? Or this? Or this? Or this?

More than 3,000 new downtown condos have been announced in the last year, according to The Charlotte Observer. People who buy high-rise condos and people who buy old homes in Elizabeth are likely two different markets. But there's bound to be overlap. I'd love to live downtown. And I know of at least one couple who sold their Elizabethan house and bought downtown.

Part of what keeps housing prices high in Elizabeth -- and Dilworth and Plaza-Midwood and others -- is the proximity to downtown. The supply of housing close to downtown is limited. What will the affect of thousands of new homes downtown be on our neighborhood ?

4 comments:

Anonymous
said...

True enough...if proximity to downtown is your only concern. But read your own posts below this one....thats why people are in Elizabeth, Dilworth, and Midwood....Holiday dinners, historic elizabeth, the old trees, and things like our pumpkin wall.

More residential downtown is a good thing. It fuels additional services, groceries, museums, etc. b/c of the increased population. It will continue to enhance the downtown area, which is a benefit to a close-in neighborhood. Those that want the neighborhood feel will choose Elizabeth. The only downside to manage is the increase is traffic from increased population.

It's an excellent question, one that only the increase in condo housing downtown will answer, unfortunately. Given the overall growth of Charlotte, both in the heart of the city (downtown, uptown, center city - can't we just agree on one name?) and outer areas of Ballantyine, etc., I am not sure anything anytime soon is going to cool down the rise in housing costs - including Elizabeth.

I don't think the hi-rises matter a bit. There's a huge difference between people who want to live in a hi-rise condo as opposed to a "real" house in a great area, and no shortage of either who will pay for both.